19 September 2013
hii everyone i have on query regarding house property.. if my client purchase one house on his name and another house on his wife name, and my client has salary income, is he eligible for wealth tax exemption for both house property and also are both the house considered as for residential purpose?
19 September 2013
If an individual has more than one self occupied property then only one of the many house property can be considered as self occupied while all others will be considered as deemed to be let out property.
However, the assessee he has the option to treat any one of the house as self occupied. The other property or properties which lie vacant will be treated as Deemed to be Let Out under the Income Tax Act.
For taxpayers who have more than one house property (in addition to one residential property), the additional house properties are excluded from wealth tax if only they are let out for a minimum of 300 days during the previous year.
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